Microsaic Systems plc AGM Statement (8714Y)

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RNS Number : 8714Y

Microsaic Systems plc

14 May 2019

14 May 2019

Microsaic Systems plc

("Microsaic", "Microsaic Systems" or the "Company")

AGM Statement

Microsaic Systems plc (AIM: MSYS) will hold its AGM today, at 11 a.m., at the offices of N+1 Singer Advisory LLP, One Bartholomew Lane, London, EC2N 2AX. Ahead of that meeting, the Company provides an update of trading from 1 January 2019 to 13 May 2019 (the "Year to Date") as follows:

Orders received in the Year to Date have been significantly above orders received by the Company in the whole of the first half of 2018.

During the period the Company launched its breakthrough protein characterisation product, MiD(R) ProteinID, which can measure both small and large molecules simultaneously at the point of need. Subsequently on 5 March 2019, the Company announced its joint publication with the Massachusetts Institute of Technology ("MIT") showcasing ProteinID's capabilities in measuring the effects of storage on biopharmaceutical feedstocks.

Further progress has continued to be made with new and existing partnerships. On 18 March 2019, the Company announced an agreement with Biometric Technologies, Co. Ltd ("BMT"), for the integration of its compact 4500 MiD(R) Mass Spectrometry ("MS") detector with BMT's High Performance Liquid Chromatography ("HPLC") platform. The combined product will be sold by BMT through its distribution network in Southeast Asia, Taiwan, Korea, the Middle East and Oceania. This partnership has taken the Company's total number of partners to nine and provided a wider geographical reach.

In China, the Company's collaboration with Unimicro Technologies Inc ("Unimicro") has progressed further with Unimicro extending its product range to augment its capillary electrophoresis equipment, with the first in a series of micro-Liquid Chromatography ("LC") products. Both products are being marketed in China with the option of being integrated with Microsaic's small footprint MS technology. This has extended Unimicro's reach in China with micro LC-MS systems, a technique which has been widely adopted in chemical and biological analysis which offers ease of use, a very small footprint, and large savings on solvent use to the end user.

Glenn Tracey, CEO of Microsaic Systems plc commented: "We are very pleased with the progress we have made in the Year to Date. We continue to deliver on our critical milestones such as increasing our geographic reach and number of partnerships. Business development continues to be a key focus for the Company and I am pleased with the results illustrated by the increased number of orders, and growing pipeline of commercial opportunities.

"Projects with institutions such as MIT show further validity of our technology and I am delighted with the results of our work with them. As stated at the time of the Full Year Results, we will be making targeted investments across the Company to strengthen our offering and capabilities and I look forward to the rest of the year with optimism."

 
 Enquiries: 
 Microsaic Systems plc 
  Glenn Tracey, CEO 
  Bevan Metcalf, FD                    [phone] 
  N+1 Singer (Nominated Adviser & 
   Broker) 
   Shaun Dobson (Corporate Finance) 
   Tom Salvesen (Corporate Broking)     [phone] 
 IFC Advisory Ltd (Financial PR) 
  Graham Herring 
  Heather Armstrong 
  Florence Chandler                     [phone] 
 

About Microsaic Systems

Microsaic Systems plc (AIM: MSYS) is a high technology company developing chip-based, bench-top and point-of-analysis mass spectrometry ("MS") instruments that are designed to improve the efficiency of pharmaceutical R&D and manufacturing. The Company is working with established global life science companies to co-develop new solutions to improve productivity in the development of small molecule and novel biologic (peptides, antibodies) medicines. MS is a powerful method of analysis to enable earlier decision making relating to product identification, purity and bioactivity, and is the analytical technique of choice for biochemists across many industry sectors.

Microsaic's core product, the 4500 MiD(R), is a robust and compact MS system, retaining the functionality of larger conventional MS systems, is easier to use by non-specialists, consumes less energy and has lower running costs. For more information, please go to www.microsaic.com.

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May 14, 2019 02:00 ET (06:00 GMT)